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NGX: Sell-off in Fidelity Bank, Unity Bank, contributes to shareholders’ N16.7bn loss



The Nigerian capital market slipped back to the bear territory following the dip in equity capitalization by -0.06 percent at the close of trading on Wednesday.

After eight hours of trading on the floor of the capital market, the equity capitalization dropped by N16.7 billion from N27.30 trillion posted on Tuesday to N27.28 trillion today.

Similarly, the All-Share Index was down by 31.10 basis points to close at 50,594.97 as against 50,626.04 recorded the previous day.

Investors traded 121.16 million shares valued at N4.16 billion in 4,369 deals on Wednesday.

This fell short of the 129.1 million shares worth N2.86 billion which exchanged hands in 4,706 deals the previous day.

Lasaco led the gainers with 10 percent rise in share price to move from N0.90kobo to N0.99kobo per share.

UPDC gained N0.10kobo to move from N1.03 to N1.13kobo per share.

Honeywell Flour’s share value was up by N0.22kobo to end trading with N2.49kobo from N2.27kobo per share.

Chams share price was up by 8.70 percent to end trading with N0.25kobo as against the previous N0.23kobo.

READ ALSO: Gains in International Breweries, NEM fail to stop Nigeria stock market’s N76.6bn loss

Japaul Gold’s share traded upward by 7.41 percent and rose from N0.27kobo from N0.29kobo.

Learn Africa topped the losers’ chart after shedding N0.26kobo to drop from N2.60kobo to N2.23kobo per share.

UPL’s share price dropped by N0.23kobo to end trading at N2.12kobo from N2.35kobo per share.

Cornerstone lost 9.33 percent to end trading with N0.68kobo from N0.75kobo per share.

Unity Bank lost 4.26 percent to drop from N0.47kobo to N0.45kobo per share.

Fidelity Bank’s share dropped from N3.12kobo to N3 per share after losing N0.12kobo during trading.

MTN Nigeria led the day’s trading with 10.41 million shares valued at N2.23 billion.

FBN Holdings sold 9.53 million shares worth N104.17 million.

Zenith Bank followed with 8.36 million shares valued at N178.85 million

UBA traded 6.80 million shares worth N48.08 million, while Access Corp traded 6.60 million valued at N58.99 million.

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